Palomar Holdings, Inc. (NASDAQ:PLMR) Receives $162.50 Consensus Target Price from Analysts

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $162.75.

PLMR has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Palomar from $150.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Evercore set a $152.00 price target on shares of Palomar in a report on Friday, July 10th. Weiss Ratings raised shares of Palomar from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 15th. Finally, Piper Sandler lifted their price objective on shares of Palomar from $132.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th.

Insider Buying and Selling at Palomar

In related news, insider Timothy Carter sold 480 shares of the business’s stock in a transaction on Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the completion of the transaction, the insider directly owned 1,670 shares in the company, valued at $207,564.30. The trade was a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Rodolphe Herve sold 1,207 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $135.35, for a total transaction of $163,367.45. Following the completion of the sale, the chief operating officer directly owned 3,548 shares in the company, valued at approximately $480,221.80. The trade was a 25.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 22,050 shares of company stock valued at $2,875,050. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Palomar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Palomar in the second quarter valued at approximately $1,026,000. Globeflex Capital L P purchased a new stake in Palomar in the 2nd quarter worth approximately $241,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Palomar during the 2nd quarter worth approximately $98,000. Quantbot Technologies LP acquired a new stake in shares of Palomar during the 2nd quarter worth approximately $43,000. Finally, Emerald Investment Advisers LLC purchased a new position in shares of Palomar during the 2nd quarter valued at approximately $6,170,000. 90.25% of the stock is owned by institutional investors and hedge funds.

Palomar Price Performance

NASDAQ PLMR opened at $128.19 on Friday. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 17.23 and a beta of 0.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.50 and a quick ratio of 0.50. The stock’s fifty day moving average price is $128.75 and its 200 day moving average price is $123.72. Palomar has a 1 year low of $100.81 and a 1 year high of $147.62.

Palomar (NASDAQ:PLMR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. The company had revenue of $314.42 million during the quarter, compared to analysts’ expectations of $621.52 million. Palomar had a return on equity of 23.28% and a net margin of 18.61%.During the same quarter in the previous year, the firm posted $1.76 EPS. As a group, equities research analysts forecast that Palomar will post 9.06 earnings per share for the current year.

Palomar Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Wednesday, August 19th.

Palomar Company Profile

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.